TechBridge Asia Merger

Transaction Overview

Aetherium Acquisition Corp completed its landmark de-SPAC merger with TechBridge Asia Pte. Ltd., a Singapore-headquartered enterprise SaaS company providing cloud-based ERP solutions to mid-market businesses across Indonesia, Vietnam, Thailand, and the Philippines. The transaction valued TechBridge Asia at $250 million on a pro forma enterprise value basis.

Target Profile

TechBridge Asia had established itself as the leading cloud ERP provider in Southeast Asia’s underserved mid-market segment, with over 2,500 enterprise customers, $45 million in annual recurring revenue, and a net revenue retention rate exceeding 125%. The company’s platform was purpose-built for the regulatory and operational requirements of ASEAN markets.

Transaction Structure

• Enterprise Value: $250 million
• Consideration: Combination of trust cash and rollover equity
• Earnout: Performance-based earnout tied to revenue milestones
• PIPE: $50 million concurrent private placement from strategic investors
• Lock-Up: 12-month lock-up for founders and insiders

Due Diligence Highlights

Aetherium conducted extensive due diligence over a four-month period, encompassing financial audit, technology architecture review, customer reference calls, regulatory compliance assessment, and management team evaluation. The Singapore-based team led on-the-ground diligence across four countries.

Regulatory and Closing

The transaction required coordination across SEC registration, NASDAQ listing approval, and Singapore MAS notification requirements. The proxy statement and S-4 registration were filed and cleared within the standard review period, and shareholder approval was obtained with over 85% of votes cast in favor of the business combination.